Alinma Hospitality REIT makes SAR 33.2M FFO, SAR 24.3M net profit in H1 2024

11/08/2024 Argaam Exclusive

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Alinma Hospitality REIT Fund posted a net profit fall of 32% to SAR 24.3 million (SAR 0.24 per unit) in H1 2024, from SAR 35.9 million in the corresponding period of 2023.

Funds from operations (FFO) dropped 30% to nearly SAR 33.2 million in the six-month period, from SAR 47.5 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	51.94	37.10	(28.6 %)
Funds from Operations(FFO)	47.45	33.24	(29.9 %)
Net Income	35.91	24.30	(32.3 %)
No of shares	102.00	102.00	-
Operating EPS (Riyals)	0.47	0.33	(29.9 %)
EPS (Riyals)	0.35	0.24	(32.3 %)

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,073.85	1,052.83	(2.0 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	1,023.29	1,039.49	1.6 %
Market value of net assets	1,047.78	1,097.83	4.8 %

This was due to a 29% decline in revenues from investment properties to SAR 37.1 million in H1 2024, compared with SAR 51.9 million a year earlier. In addition, management fees dropped 11% year-on-year (YoY).

However, the company posted higher income from financial assets at fair value through profit or loss, in addition to higher income from special commissions In addition, general and administrative expenses dropped by 29% YoY The corresponding period also included the cost of establishing a fund worth SAR 2.2 million, compared to none in the current period.

Net asset value (NAV) stood at SAR . billion as of June 30, 2024, while the net book value (NBV) per unit reached SAR 10.19.

The market value of assets stood at SAR 1.09 billion by the end of H1 2024, with a market value per unit of SAR 10.76.

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